“China’s 400 million middle-income consumers represent a colossal purchasing power and offer huge market potential [for foreign businesses] to tap,” he said, adding that other major economies should make “a concerted effort” with Beijing to pursue mutual benefit amid globalisation.
It is the first time in three years that a top Chinese leader has attended the world’s biggest import trade fair.
CIIE 2023: Premier Li Qiang to reach out to global investors in bid to mend ties
CIIE 2023: Premier Li Qiang to reach out to global investors in bid to mend ties
“Along with the other economies in our region, Australia and China have prospered thanks to the certainty and stability that is made possible by rules-based trade,” Albanese said.
“There is of course also an important role for government to play in creating the right conditions for business to innovate and thrive.”
Chinese President Xi Jinping sent a congratulatory letter to the event, which was read out by Vice-Premier He Lifeng at the opening ceremony.
In the letter, Xi said the global economy was stalling and needed coordination to pursue a recovery.
Xi attended the first two fairs in 2018 and 2019, delivering speeches at the opening ceremony on both occasions, before moving to televised speeches between 2020 and 2022 during the Covid-19 pandemic.
Dozens of international business leaders, including mining giant Rio Tinto’s Jakob Stausholm and agricultural firm Louis Dreyfus’ Michael Gelchie, will also be among the nearly 400,000 accredited visitors.
Organisers said this year’s fair is the biggest yet in terms of number of participants and exhibition size.
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China’s economy sees a resurgence in the third quarter, beating forecasts
China’s economy sees a resurgence in the third quarter, beating forecasts
China launched the trade fair in 2018 in the early days of its trade war with the US, seeking to convince its global partners of its commitment to free trade and expanding access to its markets.
But the annual six-day event, which ends on Friday, has become more than a trade show, with foreign businesses seeing it as a way to build relations with China’s central and local governments, as well as corporate and individual buyers.
A flash survey released on Friday by the Shanghai chapter of the European Union Chamber of Commerce (EUCham) in China showed that 69 per cent of attendees expected the expo to live up to their expectations in terms of marketing and meeting government officials.
But the survey showed potential newcomers were ambivalent about its impact on market opening. They were also put off by the event’s prohibitively high costs and logistical headaches – essentially pricing out small businesses from attending.
Last year, Chinese companies agreed to buy goods and services worth US$73.5 billion from foreign exhibitors, up 4 per cent from 2021.
Zhang Xiaodi, a researcher with the Shanghai Academy of Social Sciences, said trade deals were just part of the event, which had become a platform to promote the attractiveness of the Chinese market as the country deepened economic reform.
“The national and local governments have been increasingly keen on drawing fresh foreign investment via CIIE,” he said in a research note on Saturday. “Relevant arrangements to attract foreign capital will pay off.”
According to the researcher, 13 per cent of exhibitors who attended the previous five events had either made their first investment or spent additional capital to reinforce their businesses in China.
